Day 1 -- Marketing

1. Marketing is one of the most important segments for business. It is a process by which companies create value for customers and build strong customer relationships in order to capture value from customer in return.  Marketing integrates all the functions of a business and speaks directly to the customer through advertising, salespeople, and marketing activities. 
2. Marketing strategy process have seven key steps: (i) Customer analysis; (ii) Market analysis; (iii) Competition and self evaluation; (iv) Distribution channels; (v)  Marketing mix; (vi) Business Economics; (vii)Revision and extension.
3. Customer analysis give us a clear picture on who are your targeting customer, what is your customer need, which category of the customer, what value you can bring to your customer, what is buying process, who need the product and how important the product or service to them.
4. Market analysis help us to understand the market nature, size, variation, growth trend, and segment, etc..  From this analysis, we will learn competitive factors, the key information about the product on the market such as qualities, price, the way of advertising, R&D background and services.
5. Competitive analysis will help one to identify his product and company position in the market in term of business size, share, reputation and historical performances. It can basically be summarized as SWOT analysis.  This analysis will identify one’s strength, find his weakness, grasp the opportunity, and understand the threat and challenges.  Through that he/she will have a better knowledge on our true position in the competitive market place, and further to specify our target and objectives, develop his special plan, goal and strategy.
6. Market mix addresses the key concepts for what we called the 4Ps: that is, Product, Place, Promotion, and Price.   The product identification will guide one to make differentiation in his product. Know the market place will help him to better reach the market segment, build good distribution channels.  
7. Promotion provides the best and efficient way to motivate, attract and sometimes educate the customer to adapt this product. And finally price will be set depend on its product quality, an true cost, as well as profit and strategy plan.
8. Finally one needs to make correct evaluation on the economics. This includes detail financial calculation on business breaking even point, fixed cost, payback period, economic environment and its impact on the product business goal.
9. These analysis need to be frequently revised and adding extensions to accurately track the market changes, the new product need, and new market trend.